HomeMy WebLinkAboutNo. 0268 authorizing sale, issuance, delivery of project notes in the aggregate principal amount of $1,120,000 and execution of Requisition Agreement No. 1 for LaSalle Park Project IND R-57WHEREAS, t1
the "Local
together wJ
thereof, az
(herein ca]
Local Issui
and
RESOLUTION NO. 268
RESOLUTION AUTHORIZING THE SALE, ISSUANCE AND DELIVERY
OF PROJECT NOTES IN THE AGGREGATE PRINCIPAL AMOUNT OF
$1,120,000 AND THE EXECUTION OF REQUISITION AGREEMENT
NO. 1, FOR THE LASALLE PARK PROJECT, IND. R -57
City of South Bend, Department of Redevelopment (herein called
Cssuing Agency ") has entered into one or more contracts (which,
:h any supplements thereto or amendments or waivers of any provisions
herein called the "Contract ") with the United States of America
Led the "Government ") providing for a loan by the Government to the
ig Agency for financing the urban renewal, low -rent housing or
it project!(s) described in the Contract and herein called the "Project ";
WHEREAS, pursuant to advertisement for the receipt of proposals for the purchase
of the First Series 1969 of Project Notes (herein sometimes called "New Project
Notes ") of the Local Issuing Agency aggregating $1,120,000, which appeared in a
Notice of c.ale published on June 19, 1969, in the South Bend Tribune in the City
of South B nd, Indiana and in the Daily Bond Buyer in the City of New York, New
York, proposals for the purchase of the New Project Notes in the form approved
by the Local Issuing Agency were received, opened, and canvassed at the time
and place mentioned in said advertisement, to wit: at 120 West LaSalle Avenue,
Suite 1001 in the City of South Bend, Indiana 46601 at one o'clock P.M. E.D.S.T.,
July 8, 1969, which proposals are as follows:
Bi der Interest Rate
National B nk and Trust Company
of South Bind 5.18%
Bank of Am rica, N'_T. & S.A. and
First Nati nal City Bank 5.80%
Morgan Gua anty Trust Company of
New York a d Salomon Brothers and
Hutzler 5.85%
Bankers Tr st Company per First
Bank and T ust Company of South Bend 5.92%
Principal Premium
Amount
$1,120,000.00
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1,120,000.00
32.00
1,120,000.00
19.00
1,120,000.00
Chase Manh ttan Bank and Lehman
Brothers 5.97% 1,120,000.00
NOW, THEREFORE, BE IT RESOLVED by the Local Issuing Agency as follows:
27.00
13.00
Section 1. The aforesaid publication of the Notice of Sale and the form and
contents t ereof as so published are hereby, in all respects, approved, ratified
and confi ed.
Section 2. In order to provide funds to pay expenses incurred or to be in-
curred in the development of the Project, or to refund, renew or extend its
outstanding Notes issued in connection therewith, the Local Issuing Agency hereby
determines to borrow the sum of One Million One Hundred Twenty Thousand DollArs
($1,120,000.00) and issue its negotiable Project Notes therefor.
Section 3. The Local Issuing Agency hereby ratifies and approves the form
of each proposal hereinafter in this Section 3 enumerated for the purchase of
the designZLted principal amount of Notes and determines that each such proposal
offers to purchase such Notes at the lowest interest rate and is therefore accepted,
and said Notes are hereby awarded to the purchaser, as follows:
Principal Amount Interest Rate Purchaser
$1,120,000.00 5.18% National Bank and Trust Company of
of South Bend
South Bend, Indiana
Section 4. Each Note shall be dated August 5, 1969, shall be payable
as to both principal and interest to bearer, on March 6, 1970, and, pursuant
to each roposal for the purchase of said Notes hereinabove accepted, shall
bear the rate of interest per annum, payable at maturity; shall bear the
numbers and be in the denominations; and shall be payable as to both principal
and inte est at the incorporated bank having trust powers or incorporated trust
company, as follows:
Purchasex
Numbers
Denominations
Interest Payable At
Rate
National
Bank and 1 - 11
$100,000
5.18% National Bank and
Trust Company
of 12 - 13
10,000
Trust Company of
South *d
South Bend
South Be
d, Indiana
South Bend, Indiana
None of such Notes shall be valid until after the bank or trust company at which
it is payable shall have signed the agreement, appearing on each Note, to act
as paying agent thereof. Each such Note shall be executed in the name of the
Local Issuing Agency by the manual or facsimile signature of the Mayor of South
Bend and shall have the corporate seal of said City impressed, imprinted or
reproduc d thereon and attested by the City Clerk of the City of South Bend,
and said officers are hereby authorized and directed to cause said Notes to
be prope ly executed.
Section 5. Each such Note shall be in substantially the form of HUD -9010,
which is incorporated herein by reference, and shall be secured by an agreement
entitled "Requisition Agreement No. 1" (herein called the "Requisition Agree-
ment"), in substantially the form of HUD -9003, which is incorporated herein
by reference, to be entered into between the Local Issuing Agency and the
Governme t.
Section 6. The Requisition Agreement shall be executed in the name of the
Local Issuing Agency by the manual or facsimile signature of the President of
the Local Issuing Agency and shall have the corporate seal of the Local Issuing
Agency impressed, imprinted or reproduced thereon and attested by the Secretary,
and said officers are hereby authorized and directed to cause the Requisition
Agreemen to be properly executed.
Secti
the New
promises
the Requ
Agreemen
hereby a
holders
and amou
of Pro j e
Obligati
with the
principa
Such plec
or invest
n 7. For the punctual payment of the principal of and interest on
roject Notes, the Local Issuing Agency hereby expressly and irrevocably
to pay any sums which may be received from the Government pursuant to
sition Agreement relating to such series of Project Notes and said
, when executed by the Government, is hereby declared to be and is
signed by the Local Issuing Agency for the benefit of the holder or
rom time to time of the New Project Notes. All contributions, funds
is authorized or required by the Contract to be applied to the payment
t Loan Notes (referred to in the Contract as "Project Temporary Loan
ns ", "Advance Notes" or "Permanent Notes ") as issued in connection
Project are hereby irrevocably pledged to secure the payment of the
of and interest to maturity on the New Project Notes.
e and the lien created thereby shall cease and terminate when monies
ent securities convertible into cash not later than the maturity
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date of t e New Project Notes, sufficient and for the purpose of paying the
principal and interest to maturity on such Notes, are deposited with the
paying ag nt or agents for such Notes.
Section 8. The proceeds derived from the sale of the New Project Notes,
together with such amount of other funds of the Local Issuing Agency as may
be necessary, shall be applied, simultaneously with the receipt of said proceeds,
in accordance with the provisions of the Requisition Agreement.
Section 9. The Treasurer of St. Joseph County Ex* is hereby authorized and
directed o send promptly a letter to each paying agent for the New Project
Notes in substantially the form of HUD -9004, which is incorporated herein by
reference and to transmit therewith (a) the New Project Notes for which the
addressee is the paying agent for delivery and payment and (b) a signature
certifica a and receipt, in accordance with the terms of said letter, and to
take such other actions as may be required to. complete the delivery transaction
in accord nce with the terms of the letter to the paying agent.
Adopted a
Office of
1001, Sou
10. This Resolution shall take effect immediately.
the Regular Meeting of the Redevelopment Commission held at the
the Department of Redevelopment, 12 West LaSalle Avenue, Suite
:h Bend, Indiana, on July 11, 1969.
A. Wiggins; ,frfisident
ATTEST
John henney,
SEAL
* Of
Treasurer of the City of South Bend
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